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Published in:
2020 | OriginalPaper | Chapter
8. The Effect of COVID-19 on the Banking Sector
Authors : Desheng Dash Wu, David L. Olson
Published in: Pandemic Risk Management in Operations and Finance
Publisher: Springer International Publishing
Abstract
The COVID-19 pandemic has had a massive impact on the global economy. The impact COVID-19 has had on the Chinese banking sector consists of three aspects: short-term, long-term, and systemic risks. Support for differentiated financial services for pandemic prevention and control is needed, with increased credit support. Medium-to-small enterprises need to be supported through special credit lines, reduced interest rates on loans, deferred repayments, and establishment of long-term credit systems. Digital transformation needs to take place at a faster rate to improve intelligent risk control systems.